Stay in the know. Subscribe to Currents
CurrentManage

Next Level Leadership: Three Tips for Thriving in a Multi-Generational Family Business

3 Mins read

Working with family can be rewarding and challenging. While some business professionals caution against mixing personal and professional relationships due to potential conflicts, the experience can also deepen trust, strengthen bonds, and create more meaningful celebrations of success. When approached thoughtfully, working alongside family can create a unique camaraderie that enhances both business and personal connections.

As a second-generation Taco John’s franchisee, I’ve been in this business my entire life. At 11 years old, I worked in my parents’ restaurant before and after school, and as I grew into my career, I took on more responsibilities with the brand. It quickly became apparent that my sister and I would be the ones to carry on the legacy.

Throughout my career, I’ve navigated challenges and opportunities in expanding my family’s portfolio, and found three key strategies for running a successful multi-generational family business:

Embrace Your Community

It’s crucial to remember and honor the legacy that was built before you, and uphold the reputation and standards set. Part of carrying on a family business is embracing the community that knows your brand, and when you take care of them, they’ll continue to support you. This also goes beyond guests to include team members and the environment you foster in your restaurant. Having a “people first” mentality and building trust and open communication across all levels of your business is essential. Strong relationships with team members and guests create a solid foundation for long-term success.

Integrate your business in the local community by supporting schools, events, and initiatives. This strengthens community ties, fosters loyalty among your guests, and keeps your business top of mind. Allowing communities to feel like they are a part of something bigger than just a transaction helps foster loyalty.

Learn From Your Predecessors

Working in a multi-generational business unlocks a world of knowledge for entrepreneurs. As the inheritor of a legacy, you are not starting from scratch. Use the lessons your predecessors learned and the challenges they overcame as guidelines for building your brand. When faced with obstacles and tough business decisions, use your family’s collective experience to guide decision-making.

One of the most valuable and unique aspects of a family business is its resilience. Family-owned businesses generally tend to have a longer lifespan. When you build something as a family, you are more invested in the outcome and tend to have a longer-term vision for the brand.

While implementing previous strategies and lessons is important, continuous education is key to maintaining a competitive business. Business trends evolve quickly, so staying ahead of industry trends, consumer behavior patterns, and the competitive landscape is essential to keeping a multi-generational brand thriving. To continue your family’s legacy, it’s vital to track industry changes and adjust your approach accordingly.

Follow Purpose-Driven Innovation

Innovation can be exciting, and many business owners often seek out the latest and greatest to gain a competitive edge. However, innovation does not always mean implementing the newest and flashiest technologies – it can also involve refining existing processes. It’s also important to be mindful that working with legacy brands requires honoring their traditions, and to stay competitive, you need a clear vision of what direction you want to take your brand. In the case of Taco John’s, we’ve embraced innovation to enhance our guest experience through streamlined processes, customization options, and menu updates to meet guests’ current needs, while still embracing our roots.

The key takeaway is to never lose sight of what your brand was built on. Find ways to implement technologies or new processes that do not replace what makes the business special.

Working with family brings a unique set of challenges – setting boundaries, navigating differing opinions, and working styles. The ability to scale a thriving brand and continue to build a multi-generational legacy is a special opportunity. By combining what your predecessors built with what today’s consumers need, embracing the community and expanding your presence in it, and innovating while honoring tradition, the payout is sustainable long-term growth.

Contributed by Brian Fuder, a second-generation multi-unit franchisee with Taco John’s.

Creator: Hand-out Credit: Taco John’s®

Related posts
CurrentMarketing

Elevate and Delight: Building Lasting Customer Loyalty in the Digital Age

3 Mins read
In a time where attention spans are shrinking and brand loyalty has become more elusive than ever, winning repeat customers isn’t just…
CurrentMarketing

5 Reasons Affiliates Should Be Part of Your Marketing Strategy

3 Mins read
Kickstarting marketing efforts as a small business can feel daunting. You know you need to gain exposure and advertise your products to…
CurrentMarketing

15 Lessons from Implementing Interactive Marketing

11 Mins read
Discover cutting-edge interactive marketing strategies distilled from industry experts in this insightful read. Navigate through practical tips on personalization, data integration, and…